It’s no secret that Martha's Vineyard is a beautiful island off the coast of Massachusetts that is perfect for both vacationers and year-round residents. A gorgeous place for a luxurious and active lifestyle, Martha's Vineyard real estate is highly desirable. The island is home to many different types of architecture, from historical Victorian homes to brand-new construction.
Over the past few years, Martha's Vineyard luxury real estate has become increasingly popular as a second-home destination. Brand-new luxury residences feature cutting-edge amenities, systems, and styles, with modern conveniences like high-end kitchen appliances and private pools. Here’s an inside look at the surge in new-construction homes.
Benefits of newly-constructed homes
Buying a luxury home is one of the most important life decisions you will make. Buying a newly constructed luxury home is one of the wisest choices you can make. The benefits of buying a newly-constructed home are immense. Newly-built homes are often more energy efficient, require less maintenance, and feature the latest smart home technologies.They're also customizable, incorporate modern conveniences, and boast a strong resale value. When you purchase a newly constructed home, the thought of upgrades or repairs are many years away.
Is a new construction home right for you?
1. How soon do you want to move in? New homes take many months to complete so if you’re on a tight timeline, then an existing home may be the better choice.
2. Do you like working on home projects? A new home in Martha's Vineyard is ideal for those who don’t have time for do-it-yourself projects. Because everything in your home will be brand-new and covered under a home warranty, there'll be no need for coveralls and elbow grease for quite some time.
3. Do you have specific wants and needs in a home? Most luxury home buyers have a particular list of features and amenities they'd like to see in a new home. A new construction home allows you to tailor your residence to meet your exact specifications.
Get access to more new construction pros and cons with our new construction guide.
What are the types of new construction homes?
1. A speculation (or spec) home is when a builder purchases a single lot and builds a home on it, not knowing who will purchase the home. The home is typically finished or nearly finished by the time it goes on the market. This means the homebuyer has less input on the home's features.
2. Tract homes are built in a development by the same builder. Building restrictions on the island make this type of new construction home very rare.
3. When buyers purchase their land and then hire a contractor to build a home of their choice, it’s a custom home. Buyers choose their floor plan or have an architect create one, and then they select all the home’s features and amenities. Finding a reputable, organized, and communicative builder who stands by their work is crucial when going the custom home route.
Check out this practical video series to familiarize yourself more with the process and help determine if new construction is the best fit for you. Also be sure to contact The O’Hanlon Group for a list of questions to ask potential builders.
Guidelines for selecting custom home options
If you choose to have a custom home built and you’ve settled on a builder, the next step involves selecting the home’s features. This is where the real fun begins. For a custom build, you will have to select everything, including flooring, cabinetry, color scheme, light fixtures, door and window hardware, countertops, and tile.
Being prepared with your choices at every phase will help keep the build on schedule. Prioritize your needs and wants by filling out the chart in our new construction guide.
The final steps in the new construction process
A realtor can guide your journey
*Header photo courtesy of The O’Hanlon Group